BUILDING SALES JOURNAL - Massey Knakal Realty Services
BUILDING SALES JOURNAL - Massey Knakal Realty Services
BUILDING SALES JOURNAL - Massey Knakal Realty Services
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MIXED-USE MIDTOWN<br />
<strong>BUILDING</strong> SOLD<br />
<strong>Massey</strong> <strong>Knakal</strong> <strong>Realty</strong> <strong>Services</strong> has sold a 22-foot-wide, mixeduse<br />
property at 58 East 56th Street in Midtown Manhattan,<br />
directly across a<br />
development site that<br />
was formerly the<br />
Drake Hotel, in an allcash<br />
transaction<br />
valued at<br />
$8,500,000. The 22’ x<br />
100’ irregular property<br />
is located on the<br />
south side of 56th<br />
Street between Park<br />
and Madison<br />
Avenues. There is a<br />
café on the ground<br />
and second floors and<br />
residential units<br />
above including five<br />
apartments, one of<br />
which is rent<br />
controlled. The café<br />
has three years left on its under-market rent of $80 per square<br />
foot. The property contains approximately 7,089 square feet.<br />
The transaction occurred at a capitalization rate of 4.26%<br />
and a gross rent multiple of 16.85. The property sold for<br />
$1,199.04 per square foot to a Pennsylvania investor.<br />
MASSEY KNAKAL<br />
SELLS SOHO TOWNHOUSE<br />
A newly renovated, three-story townhouse at 105 Mercer Street<br />
in Manhattan’s SoHo neighborhood was sold by <strong>Massey</strong> <strong>Knakal</strong><br />
<strong>Realty</strong> <strong>Services</strong> in a<br />
transaction valued at<br />
$3,550,000. The 19’ x<br />
25’ property is located<br />
on the west side of<br />
Mercer Street between<br />
Prince and Spring<br />
Streets - the heart of<br />
the SoHo Cast Iron<br />
Historic District. The<br />
vacant townhouse<br />
contains four rooms,<br />
each on separate<br />
floors with separately<br />
controlled central air<br />
throughout and three<br />
bathrooms. The roof<br />
has a garden and an<br />
outdoor deck. The<br />
property contains<br />
approximately 1,475 square feet, and an additional 1,650<br />
square feet of air rights. It sold for $2,406.78 per square foot<br />
to a single-family user from Manhattan.<br />
MASSEY KNAKAL NEWS<br />
MANHATTAN<br />
MASSEY KNAKAL SELLS<br />
WEST VILLAGE WALK-UP<br />
<strong>Massey</strong> <strong>Knakal</strong> <strong>Realty</strong> <strong>Services</strong> sold a five-story walk-up<br />
apartment building at 5 King Street in Manhattan’s West Village<br />
in an all-cash transaction valued at $6,200,000. The 28’ x 62’<br />
irregular corner<br />
property is located<br />
in the Charlton<br />
King Historic<br />
District, and is<br />
closed to traffic<br />
during school<br />
days. It contains<br />
16 apartments, of<br />
which nine are<br />
studios, two are<br />
one-bedrooms and<br />
five are twobedrooms.<br />
Of the<br />
16 units, 12 are<br />
free market, three<br />
are rent stabilized and one is rent controlled. The property<br />
contains approximately 8,500 square feet. A retail unit has<br />
been proposed for the Sixth Avenue side, which would occupy<br />
2,000 square feet above grade and 800 square feet below<br />
grade. The transaction occurred at a capitalization rate of<br />
6.23% and a gross rent multiple 13.33. The property sold for<br />
$729.41 per square foot to a Manhattan investor.<br />
SOHO MIXED-USE<br />
PROPERTY SOLD<br />
<strong>Massey</strong> <strong>Knakal</strong> <strong>Realty</strong> <strong>Services</strong> has sold a four-story, mixed-use<br />
building at 25 Prince Street in Manhattan’s NoLita neighborhood<br />
in an all-cash<br />
transaction valued at<br />
$5,250,000. The 21-footwide,<br />
walk-up property is<br />
located on the north side<br />
of Prince Street between<br />
Elizabeth and Mott<br />
Streets. The ground floor<br />
retail space is leased until<br />
February 2010. The upper<br />
floors were delivered<br />
vacant. There is also a<br />
rear garden and a rear<br />
deck on the second floor,<br />
accessible by the duplex<br />
apartment. The roof deck<br />
is currently used by the<br />
top apartment. The<br />
property contains<br />
approximately 3,735<br />
square feet. The transaction occurred at a capitalization rate<br />
of 4.31% and a gross rent multiple of 21.04. The property<br />
sold for $1,405.62 per square foot to a Manhattan user.<br />
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